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  1. Balanced Scorecard Diagnostics: Maintaining Maximum Performance
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  3. ‎Balanced Scorecard Diagnostics on Apple Books
  4. Pdf Balanced Scorecard Diagnostics Maintaining Maximum Performance 2005

Why aren't many scorecard users happy? Niven believes that the trouble lies in the methods used to implement the Balanced Scorecard. Many firms have been lured by the seductive simplicity of the scorecard model, believing it could be easily implemented and produce results with a minimum of care and feeding.

According to Niven, troubled implementations stem from many sources, e. Niven's approach is basically to put Kaplan and Norton's five principles of the "Strategy-Focused Organization" into a more practical approach. The messages, obviously, are the same. But Niven manages to make it easier to comprehend. And he challenges the reader throughout the book. The diagnostics dimension of the book is furthermore incorporated at the end of each of the nine chapters where we find self-assessment questions. This week I went to a conference in Copenhagen where Harvard-professor Robert Kaplan spoke about the balanced scorecard.

Kaplan, being one of the inventors, acknowledged that too many balanced scorecards did not succeed. It is a paradox, since the balanced scorecard was incepted to overcome to problem that strategies weren't properly implemented. But if the system or scorecard to finally make the strategy implementation work doesn't work either, then we're in real trouble. So is the concept, of course. Kaplan's suggestion to make a successful implementation of the scorecard is - like Niven's - to view it as a change project. Sherri Elliott-Yeary. Best Practices: Evaluating Performance.

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Balanced Scorecard Diagnostics: Maintaining Maximum Performance

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‎Balanced Scorecard Diagnostics on Apple Books

William A. Corporate and Social Transformation of Money and Banking. Raise your hand if you love budgeting.

Budgets are much-maligned these days, with critics calling their very existence into question. Strategy should always be the guiding hand in creating the budget, and simple questions employed in crafting them: Based on our strategy, what initiatives will distinguish us from our rivals, and what are the associated resource requirements? One of the many joys of writing books is having the opportunity to begin a dialogue with people from around the world on a topic of common interest.

Given his profession, you might suspect that he had a vested interest in safeguarding the vaunted position of financial numbers, but Kaplan was a visionary; he realized that financial numbers alone would not be enough for organizations attempting to thrive, or even compete, in the 21st century. To that end, he and Norton organized a research study of a dozen companies, attempting to discern best practices in performance measurement. Out of that study, the Balanced Scorecard was born.

Just as a person is born and matures, so too has the Balanced Scorecard—from measurement system to strategic management system to a powerful communication tool describing and articulating strategy. We owe a tremendous debt of gratitude to the work of Kaplan, Norton, and their many colleagues who have researched, codified, and published many leading Balanced Scorecard works. The basic premise behind the Balanced Scorecard is a simple, yet profound, one. Financial measures are, and always will be important, but they must be supplemented with other indicators that predict future financial success.

With that as their goal, Kaplan and Norton developed the Balanced Scorecard framework, shown in Exhibit 1. At the center of the diagram we see the words vision and strategy.

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We seek to translate the vision and strategy into performance measures, which can be tracked and used to gauge our success in the successful implementation of vision and strategy. Financial Perspective Financial measures are an important component of the Balanced Scorecard in the for-profit, public, and nonprofit worlds. In the for-profit domain, the measures in this perspective tell us whether our strategy execution—which is detailed through measures chosen in the other perspectives—is leading to improved bottomline results.

We normally encounter classic lagging indicators in the Financial perspective. Typical examples include revenue, profitability, and asset utilization. Most organizations will state that they do in fact have a target customer audience, yet their actions 14 Financial Measures Targets Initiatives Learning and Growth "To satisfy our shareholders and customers, what business processes must we excel at?

Norton, January—February , p. Strategy guru Michael Porter suggests this lack of focus will prevent an organization from differentiating itself from competitors. Constantly innovating, they strive to offer simply the best product in the market. Nike is an example of a product leader in the field of athletic footwear. In the retail industry, Nordstrom epitomizes the customer-intimate organization.

As organizations have developed, and experimented with, value propositions, many have suggested it is difficult, if not impossible, to focus exclusively on just one.

Pdf Balanced Scorecard Diagnostics Maintaining Maximum Performance 2005

A more practical approach is to choose one discipline in which you possess particularly strong attributes, and maintain at least threshold standards of performance in the other disciplines. In Chapters Four and Five, we will take a closer look at the Customer perspective and identify what specific steps your organization should take to develop Customer measures.

Internal Processes Perspective In the Internal Processes perspective of the Scorecard, we identify the key processes at which the organization must excel in order to continue adding value for customers.